BRICS is an association of five major emerging economies viz., Brazil, Russia, India, China and South Africa. India has become a member country of BRICS in the beginning itself and supported to prepare the framework of this organization. India stressed in the forum of BRICS for regional agricultural development, controlling natural calamities and remedial measures for the victims, protection of health and cooperation in other fields.
The full-fledged diplomatic meeting was held in its first summit on 16th June 2009. The Prime Minister of India focused for the improvement of global economic situation and reforming financial institutions and discussed how the countries could better cooperate in the future. The 4th summit held on 9th April 2012 in New Delhi emphasized for the strengthening of BRICS. In the 5th BRICS summit, leaders had agreed to set up a new International Development Bank. Prime Minister of India participated in the 6th BRICS summit and decided with the BRICS leaders to establish BRICS Development Bank at Shanghai in China. Mr. K.V. Kamatli of Karnataka became the first Chairman of the Bank.